Crypto.Com Suffered Hack Attack Of At Least $15M In Ethereum

Crypto.com suffered a hack attack of at least $15 million in Ethereum so now security experts believe that the real losses could be much higher as we can see more today in our latest Ethereum news.

Cryptocurrency exchange Crypto.com suffered a hack attack with at least $15 million worth of ETH stolen. Despite the reports of missing funds, the platform has yet to confirm that it has indeed been an attack. With almost $3 billion in trading volume in the past day, Crypto.com is the fourth biggest centralized crypto exchange according to Coingecko.

The @cryptocom loss is about $15M with at least 4.6K ETHs and half of them are currently being washed via @TornadoCash https://t.co/PUl6IrB3cp https://t.co/6SVKvk8PLf pic.twitter.com/XN9nmT857j

— PeckShield Inc. (@peckshield) January 18, 2022

The Singapore-based exchange spent $700 million to buy the naming rights to the Staples Center in Los Angeles. The exchange also announced it was pausing withdrawals after a smaller number of users experienced unauthorized activity in their accounts but pointed out that all funds are safe. Citing the need to enhance security, the exchange urged users to sign in back into their accounts and reset their two-factor authentication. Despite the users complaining about funds missing from their accounts, DOGE co-founder billy Markus pointed to “odd activity” on one of the ETH wallets that were associated with the exchange, as it announced that withdrawals resumed at 17:42 on Monday.

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Earlier today a small number of users experienced unauthorized activity in their accounts. All funds are safe.

In an abundance of caution, security on all accounts is being enhanced, requiring users to:

-Sign back into their App & Exchange accounts
-Reset their 2FA

— Crypto.com (@cryptocom) January 17, 2022

The events took a turn for the worse when the Peckshiled security company announced on Twitter that the exchange lost about 4600 ETH or around $15 million in current prices. Peckshield added that half of the stolen funds were sent to Tornado Cash, the well-known mixing service. Peckshiled said that the true scale of the damage is quite worse actually. A few hours later, Crypto.com CEO Kris Marszalek said that no customer funds were lost. The exchange hardened the infrastructure in response to the incident and will share a report after the investigation is completed. It is worth noting that some users confirmed the funds that were missing are now returned to their accounts.

As recently reported, A few hours ago, Crypto.com stopped withdrawals from the platform in response to “theft” reports by customers. Dogecoin founder Billy Markus noticed a suspicious transaction pattern on Etherscan which made the company halt the transactions until they figure out what is going on with the platform.  There are not too many details about the issue still but we will update the article as soon as we have some more info.